AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Petty cash suits a handful of small, frequent cash-only payments, such as okada fares or cleaning supplies from a roadside seller, as long as you run it on a fixed float with a signed voucher for every payment. Expense cards suit most other staff spending, because each payment is recorded by the bank and limits can be set per card. Many Nigerian businesses use both: a small float for cash-only needs and cards for the rest.
What each method is
- Petty cash
- A small amount of physical cash kept on the premises for minor payments, held by one named custodian.
- Imprest float
- A way of running petty cash: the float is fixed (say ₦50,000) and topped up to that figure by the exact total of the vouchers spent.
- Expense card
- A debit or prepaid card linked to the business account and issued to a named staff member, usually with a spending limit.
- Reconciliation
- Matching what was spent to evidence: vouchers and receipts for petty cash, the card statement and receipts for cards.
Side by side
| Question | Petty cash | Expense card |
|---|---|---|
| Is each payment recorded automatically? | No; only if a voucher is written | Yes; it appears on the bank statement |
| Can you cap spending? | Only by the size of the float | Usually per card, per day or per transaction, depending on the bank |
| Risk of loss | Cash can be lost, stolen or borrowed informally | Card can be misused, but payments are traceable and the card can be blocked |
| Reconciliation work | Count cash, add vouchers, chase missing receipts | Match statement lines to receipts |
| Best for | Small cash-only payments | Fuel, supplies, travel, online subscriptions, anything a seller accepts by card or transfer |
Running petty cash properly
- Fix the float at a level that covers about two weeks of genuine cash-only spending.
- Name one custodian. Nobody else takes cash from the box.
- Use pre-numbered vouchers. Each shows the date, amount, purpose, the name and phone number of the person paid, and two signatures: the person receiving the cash and the person approving it.
- Attach the seller's receipt to the voucher wherever one exists.
- Set a maximum single payment. Anything above it goes by card or transfer.
- Top up only by the total of the vouchers, after someone other than the custodian has checked them.
- Make surprise counts now and then, not only on top-up day.
Worked example: a weekly imprest check
Example only. The float is ₦50,000. During the week the vouchers show transport ₦8,500, cleaning materials ₦6,200, generator fuel ₦15,000 and a courier ₦4,800, a total of ₦34,500. The box should therefore hold ₦50,000 − ₦34,500 = ₦15,500. The count finds ₦14,900, a shortage of ₦600.
The ₦600 is investigated before anything else happens: a missing voucher, a wrong change, or something worse. To restore the float, the business pays in ₦35,100 (₦34,500 of vouchers plus the ₦600 shortage, which a manager approves and records as a loss), bringing the box back to ₦14,900 + ₦35,100 = ₦50,000.
Cash also has to come from somewhere. Under the CBN cash rules reported by Daily Trust in December 2025, from 1 January 2026 corporate customers may withdraw ₦5 million a week, with a 5% charge on the excess, and the old deposit limits were abolished. A small float is far below that, but cash-heavy firms should plan withdrawals.
Running expense cards properly
- One card per named person. Never a shared card with a PIN passed round the office.
- A limit per card that matches the job: a driver's fuel card needs less than a buyer's card.
- A written rule on what each card may be used for, signed by the holder.
- Receipts uploaded or handed in within a set time, for example 48 hours.
- Cards cancelled the same day a holder leaves or changes role.
- Personal use treated as a disciplinary matter, with the amount repaid.
Receipts matter for staff as well as for the business. PwC's summary of Nigerian employment income notes that benefits are taxable except reimbursements supported with third-party invoices or receipts. A card payment with a receipt is clearly a business cost; an unexplained payment can look like pay.
The monthly reconciliation
- Petty cash: count the box, add the vouchers since the last top-up, and confirm cash plus vouchers equals the float.
- Cards: download each card's statement and tick every line against a receipt.
- List anything without evidence and give the holder a deadline to explain it.
- Post the spending to the right expense accounts, not one line called "sundry".
- File vouchers, receipts and statements together by month. The Nigeria Tax Administration Act 2025 (s.31) requires records to be kept for at least six years after the year of assessment.
For the wider month-end routine, see bank reconciliation in steps and which receipts to keep.
Which to choose
- Mostly cash-only sellers (markets, transport, small repairs): keep a small petty cash float with strict vouchers.
- Mostly sellers who take cards or transfers: issue expense cards and keep petty cash to a minimum.
- Several branches: give each branch its own float and custodian, and reconcile each separately.
- If you cannot get receipts at all for a type of spend, pay it by transfer to the seller's account so the bank record names them.
For card options in more detail, read corporate and staff expense cards in Nigeria.
Where Pryme fits
Paying sellers by transfer from a Pryme Business Account leaves a named record for each payment. The Finance agent can prepare the monthly match of payments to receipts and list what is missing; a person approves anything above the ceiling you set, and actions are recorded.
Questions people ask
How much petty cash should a small business keep?
Enough for about two weeks of payments that truly cannot be made by card or transfer. Most small offices and shops need far less than they hold.
What is an imprest petty cash system?
The float is fixed and topped up by exactly the total of approved vouchers, so cash plus vouchers should always equal the float.
Are staff expense cards safe in Nigeria?
They are traceable and can be blocked, which makes them safer than cash, but only with one card per person, a set limit, receipts for every payment and prompt cancellation when someone leaves.
Do I need receipts for petty cash expenses?
Yes, wherever the seller can give one. Attach it to a signed voucher. Records must be kept for at least six years under the Nigeria Tax Administration Act 2025.
Sources
- Daily Trust: CBN ends cash deposit limits, raises weekly withdrawals (3 Dec 2025) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, individual income determination (last reviewed 29 May 2026) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (s.31, s.57, s.102) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.